Overview

• Spain posted a €29,122 million goods deficit in January–July 2025, with exports up 1.4% to €231,570 million and imports up 5.4% to €260,692 million, pushing the coverage ratio down to 88.8%.
• The non‑energy deficit surged to €10,161 million from €1,193 million a year earlier, while the energy gap eased to €18,960 million.
• The bilateral deficit with the United States reached €8,235 million, up about 45%, as Spanish exports to the U.S. fell 5.9% and imports from the U.S. rose 11.6%.
• July’s monthly shortfall increased 24.8% to €4,009.4 million, even as both exports (€34,419 million) and imports (€38,428 million) set new highs for the month.
• Regional pressures intensified, with Cantabria’s year‑to‑date surplus shrinking to €156.5 million from €555.9 million and Asturias reporting a 15.2% drop in July exports, which local reports link to tariff uncertainty.